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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the cartel’s plan to manipulate the oil price, money managers’ positions reverse and finally, USA versus Iran! Stay tuned to find out more about the intriguing action taking place in the oil market.
Goliath. When the first production cut agreement was agreed by OPEC oil producers last November, WTI crude surged 12% within a trading week noting its biggest gains in 6 years. On the contrary, the agreement during last week’s meeting in Vienna, to extend the cut for another nine months failed to cause a rally in oil prices. Instead, both WTI and the global benchmark Brent slid on the 25th of May signaling not only that the extension was already priced in the commodity’s price but also further pessimism from the investing community. It seems that the mighty cartel will need more than announcements to meet its target price of $60/bbl. But guess who does stand in its way.
David. That’s correct. US shale oil producers have more than doubled their operating rigs from the previous year’s lowest point. Amid the highest production levels since August 2015, inventories hitting record numbers on March 2017 and new technologies that allow for a lower breakeven point in operating expenses, shale producers did not stay idle. But what is probably the best countermeasure that they took lies in the financial markets. Taking advantage of the price rally that occurred from announcements that the cartel traditionally uses to stimulate the market, they hedged their physical positions when the oil price has hit more than $50/bbl, a point assuring them profitability. So effectively, OPEC’s strategy proved somewhat unsuccessful as it helped save the sector it originally tried to eliminate!
Big Short. Another notable player sitting in the oil market’s table is smart money. Money managers’ positions demonstrate a rather bearish picture as bets against oil in both futures and options markets hit record highs. Moreover, consecutive cuts in net-long positions in WTI and Brent holdings, further ascertains that hedge funds are no longer overinvested in the oil market. I know what you are thinking. Rallies in oil price did happen. Well, they sure did; nevertheless, somewhere between behavioral sentiment, purely short-term technical trading and covering of short positions none of these rallies have proved to be a persistent upward trend.
Uncle Sam. Despite Iran’s compliance with the terms of the nuclear deal, possibility that current US government will not proceed to lift sanctions just yet is still hovering around. This way, prices for domestic crude as well as North Sea’s Brent will most probably be boosted. In regards though to the oil-derived shipping market, less production in the Middle-East region may suggest a substitution with Nigerian crude, which results in more ton-miles of transportation as major importers are located in the Far East. However, this reduction in heavier crude production suggests that refineries will produce less fuel oil in favor of higher distillate products potentially affecting this way the trading patterns between the dirty and clean tanker market segments. So, as you may have guessed, the impact that president Trump’s policies will have on trump shipping is not easy to assess.
So, what have we learnt so far? Well, if price stability and sustainable growth of the market is the focus, then OPEC’s best option could be adjusting its strategy instead of expecting global demand to pick up. Otherwise, if its influence is not so strong anymore, maybe -and this is just a thought- it needs to look west for some new allies.
By Konstantinos Kakavitsas
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 13 July 17
SUPRAMAX: NICKEL ORE TRIPS TO CHINA VIA PHILIPPINES WITH DELIVERY S. CHINA IS PAYING AROUND MID $9000 - FEARNLEYS
Supramax
COALspot.com: Another slow start to the week with somewhat softening rates and few fixtures.
Nickel Ore trips to China via the Phil ...
Wednesday, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
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Showing 2006 to 2010 news of total 6871 |
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- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
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